India won't implement US trade deal until competitive advantage secured: Piyush Goyal

India's Commerce and Industry Minister Piyush Goyal announced that the proposed trade agreement with the United States cannot be implemented until India secures a competitive advantage over rival nations, indicating that tariff issues are the final hurdle in negotiations.

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We cannot implement the FTA until we secure a competitive advantage. The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented.

Goyal responded to a statement by the US Ambassador-designate to India, Sergio Gor, who had said the India-US Bilateral Trade Agreement (BTA) was "99 percent there." Goyal clarified that while the framework agreement is finalized, its implementation hinges on resolving outstanding tariff concerns. "We cannot implement the FTA until we secure a competitive advantage. The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented," he explained at a press conference.

His remarks come as both countries continue efforts to finalize a bilateral trade pact aimed at expanding market access and strengthening economic ties. The minister also addressed concerns about the Indian rupee's recent depreciation, expressing confidence in India's economic outlook and predicting the currency would stabilize over time. "The rupee will be back to the normal in the times to come. India will continue to becoming the fastest developing nation in the world," he stated.

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The rupee will be back to the normal in the times to come. India will continue to becoming the fastest developing nation in the world.

Goyal highlighted India's significant trade engagement under Prime Minister Narendra Modi, noting that the country has expanded its network of free trade agreements substantially over the past decade, with nine FTAs agreed with 38 countries during Modi's tenure. Addressing potential impacts of El Nino on agriculture, Goyal assured that the government is developing strategies and continues to support farmers through fertilizer subsidies, maintaining the same rate for 12 years with a 90 percent subsidy. Looking forward, he reiterated the government's focus on its development agenda to build a "developed India."

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Nine FTAs have been agreed under Prime Minister Modi's tenure with 38 countries.